When you’ve made the decision to sell your business, you should start to think about whether its time to leave your business it needs to stand on its own two feet.If a business can’t run without key members of staff, it’s a risky undertaking to buy it. Therefore, if you’re looking to sell your business, you need to leave your business to be absolutely certain it can run without you or else what kind of opportunity is that for a potential buyer? Looking at your business, if you are the lynchpin that holds it all together, nobody is going to want to take if off your hands once you’re looking for the exit door. If you are prepared to stay on in the business as an employee, or carry out an extended handover process, it might all pan out but that can bring about problems of its own. When a previous owner stays on as an employee, but without the same level of authority and potentially surrounded by resentful employees, it can cause cultural problems within the business. You can read about this is more detail in a previous article from this series. So, how do you leave your business, as part of a preparation to sell up?
Business development Letitia Booty · 27 April 2017
it’s hard to tear yourself away, but here’s why you should leave your business
ABOUT THE EXPERTLetitia Booty
Letitia Booty is a special projects journalist for Business Advice. She has a BA in English Literature from the University of East Anglia, and since graduating she has written for a variety of trade titles. Most recently, she was a reporter at SME magazine.